Fed approves CHINESE bank CCB to open office IN US

Fed approves Chinese bank CCB to open office in US

rawstory.com

The US Federal Reserve said Monday it had authorized China Construction Bank, a leading Chinese state bank, to operate in the United States.

The proposed New York City branch of CCB "would engage in wholesale deposit-taking, lending, trade finance, and other banking services," the Fed said in a statement.

The US central bank recalled that China Construction Bank Corporation (CCB) is 57.0 percent owned by the Chinese state, 19.7 percent by US banking group Bank of America and 5.7 percent by Temasek Holdings, a sovereign wealth fund owned by the government of Singapore. The remainder of the capital is publicly traded.

CCB is the second-largest bank in China, with total assets of approximately 1.1 trillion dollars, it noted.

The Fed said it had determined that CCB had adequate anti-money laundering safeguards and had committed to respect US laws on money laundering.

(visit the link for the full news article)

[edit on 8-12-2008 by baseball101]

This is awesome .... not! what has the u.s. come to? now we're putting our money into chinese banks hands? what on earth is the fed thinking? it's as if they're letting china take over the u.s. ... sooner or later the u.s. will approve a separate governing body of china for the u.s. ... okay maybe i over exaggerated but c'mon seriously? why can't the fed just handle it's own business? they already are looked down upon this makes them look even worse!

rawstory.com
(visit the link for the full news article)

interesting comments made on the page...

every one should have seen this coming. they will also pass legislation in the fast lane that china will be able to but what ever they want in the u.s.a. hint[automakers when the bail out money runs dry]. china wants hard assets now for their buying of our treasury notes. china is preparing for the u.s.a. to default.
realityzone | Homepage | 12.08.08 - 9:13 pm

sweet. now the chinese can directly receive bailouts through their state banks, rather than just financing our irresponsible demise.
crazy jimbah | Homepage | 12.08.08 - 9:14 pm

guess paulson's trip was a flop. consolidate, nationalize, liquidate, default, new currency. this is the recipe of the international bankers.
realityzone | Homepage | 12.08.08 - 9:24 pm

I, for one welcome our new Chinese overlords.

(paraphrasing the Simpsons)
thomas Jefferson | Homepage | 12.08.08 - 9:26 pm

we can only print so much, when the chinese own the paper and the ink.
realityzone | Homepage | 12.08.08 - 9:27 pm

Too bad Chinese is such a difficult language to learn.
Tom | Homepage | 12.08.08 - 9:55 pm

Found Here

[edit on 8-12-2008 by baseball101]

How long do you think it will take them to be the US number one bank?

I say 5 years and the US banks will be in as much trouble as the US automakers.

reply to post by jam321


agreed what has the u.s. come to? this is really getting out of hand! the u.s. needs to start taking care of itself!

why can't a china bank open a branch in Us?.. Bank of China has operated in america for years..

i guess number of foreign bank branches in america should be 100+.

reply to post by wwssii


true but c'mon china of all places? don't they have enough invested in the u.s.?

China is Buying the world at a discount

www.abovetopsecret.com...

Considering the amount of US debt that China holds, I can't see how the US could say no.
If it were not for Far Eastern banks holding so much debt, the US could have been in a lot of trouble way before now. It's noy like they are putting Chinese troops in country or something is it? Unlike the US which has troops all over the freakin' place.
It seems there is always so much animosity shown when foreign companies buy American companies or infrastructure, yet it's OK for Americans to buy all over the world? That attitude just smacks of sour grapes and possibly racism.

This, along with these other rumors, ...

Chinese renew interest in U.S. property

Chinese Property Hunters To Raid US

Chinese go shopping for US real estate

is kind of worrying me as to what might be China's real intentions!

reply to post by Keyhole


yes china is growing in the u.s. they own a large chunk of the u.s. IMO idk if it's supported by facts or what not just a general observation ... this is very disheartening why can't each country, including the u.s. stay in it's own country.

2 cents:

Considering that Bank of America has a lot of shares in CCB why would it matter
if they did business in the US of A?

Bank of America exercises options to acquire 19.58 million CCB H-Shares
Published time： 2008-11-18
and the story from CCB site ( in english )

on 17 June 2005. BAC proposes to purchase 19,580,153,370 H-shares of the Bank from Huijin

It has been pointed out that, for the 19.58 billion CCB shares BAC just acquired, a locked-up period has also been set. The expiry date of this locked-up period is 29 August 2011.

We do business all over the world as well and open banks internationally also

So my opinion might not matter
but really open your eyes before getting para-china-noid

Just because they are opening a bank or buying land doesn't mean that the US of A will be under China control when All countries do business in each others borders.

Well, perhaps taking on other foreign banks on your soil might provide some form of stability with the backing of other nations.

I mean, we know what your own banks did on their own, totally screwed up.

Foreign banks can't really do much worse than yours already have.


Either way, foreign banks are buying american banks left right and center.
I know there are a few major banks here in Canada that are having a field day purchasing failing banks in the states.

Win win situation really. We get your banks, you get stability.